Sirius, XM complete merger

New York, July 29 - Sirius Satellite Radio and XM Satellite Radio said Tuesday they completed their merger.

The new company will be called Sirius XM Radio Inc. and trade on the Nasdaq Global Select Market under the symbol "SIRI".

Led by chief executive officer Mel Karmazin and based in New York, the combined enterprise has 18.5 million subscribers.

XM shareholders will receive 4.6 shares of Sirius stock for every one of XM.

Synergies in 2009 are expected to be $400 million and EBITDA is forecast at more than $300 million in that year. Sirius XM anticipates achieving positive free cash flow, before satellite capital expenditures, for 2009.

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